Swedish auto streaming platform Spotify has announced that it is acquiring two major podcast ad tech firms, Chartable and Podsights.

With the acquisition of Podsights, Spotify will be able to help advertisers understand how podcast ads drive actions that matter to their businesses.

“We believe the opportunity for digital audio and podcast remains significant. With these acquisitions, we’re taking a big step in upleveling digital audio measurement and insights to help the entire industry scale to new heights,” IANS reported from San Francisco.

Spotify will invest $100 million in the licensing, development and marketing of music and audio content from historically underrepresented creators, its CEO Daniel Ek said recently.

The company also reported its fourth-quarter (Q4) results for 2021, taking its paid subscribers to 180 million globally.

Monthly active users on the platform grew by 18 percent (on-year) to reach 406 million.

Advertising represented 15 percent of Spotify’s revenue in the fourth quarter (October-December period) 2021.